JPMorgan analyst Brian Cheng upgraded Allogene Therapeutics to Overweight from Neutral with a price target of $11, down from $20, after meeting with management. The upgrade is a "valuation call," driven by upside from current share levels, the analyst tells investors in a research note. The firm sees a "healthy strategic shift brewing behind-the- scenes" at Allogene to place a heavier focus on its lead CD19 franchise. Allogene’s CD19 ALLO-501 program is still a commercially viable product with a competitive profile compared to other auto CAR-Ts in the late-line setting in diffuse large B cell lymphoma, the firm contends.
Published first on TheFly
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